By Cristal Cody
Eureka Springs, Ark., Jan. 24 – Invesco Senior Secured Management, Inc. refinanced $534.5 million of notes due April 18, 2026 in the Limerock CLO II Ltd./Limerock CLO II LLC transaction, according to details from a market source.
The CLO priced $406.25 million of class A-R senior secured floating-rate notes (Aaa/AAA) at Libor plus 130 basis points; $59.75 million of class B-1-R senior secured floating-rate notes (BB) at Libor plus 175 bps; $20 million of 3.65% class B-2-R senior secured fixed-rate notes (AA); $47 million of class C-1-R deferrable mezzanine secured floating-rate notes (A) at Libor plus 255 bps and $1.5 million of 4.63% class C-2 deferrable mezzanine secured fixed-rate notes (A).
Credit Suisse Securities (USA) LLC was the refinancing agent.
Proceeds were used to redeem the original notes.
Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco, Ltd., was last in the CLO primary market with a deal in 2014.
| Issuer: | Limerock CLO II Ltd./Limerock CLO II LLC
|
| Amount: | $534.5 million refinancing
|
| Maturity: | April 18, 2026
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Pricing date: | Jan. 10
|
| Refinancing date: | Jan. 18
|
|
|
| Class A-R notes
|
| Amount: | $406.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $59.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.65%
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $47 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $1.5 million
|
| Securities: | Deferrable mezzanine secured fixed-rate notes
|
| Coupon: | 4.63%
|
| Rating: | S&P: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
